The National Bank of Denmark published portfolio equity statistics showing Danish investors purchased listed foreign shares worth DKK 131 billion in the first ten months of 2025, primarily driven by insurance and pension companies. Over the same period, foreign investors recorded net purchases of Danish listed shares of DKK 6 billion, consistent with a pattern since 2015 of Danish investors being persistent net buyers of foreign equities while foreign buying of Danish equities has been limited. Foreign investors’ modest net buying of Danish shares masked sizeable rotation across names, with purchases of Ørsted shares totalling DKK 38 billion, largely concentrated in October as part of Ørsted’s capital increase, and sales of Novo Nordisk’s B share totalling DKK 36 billion, even though foreign investors still owned 77% of the share. In October 2025, foreign investors’ total investments in Danish shares were DKK 2,049 billion, while Danish investors’ total investments in foreign shares were DKK 2,740 billion; foreign shares accounted for 64% of Danish investors’ listed shareholdings in 2025 versus 47% at the beginning of 2015, with the shift largely driven by US shares (price gains and substantial purchases) and a stable European share proportion.
National Bank of Denmark 2025-11-28
National Bank of Denmark reports Danish investors bought DKK 131 billion in foreign listed shares as foreign equities reach 64% of holdings
Danish investors bought DKK 131 billion in foreign shares in the first ten months of 2025, mainly by insurance and pension companies, while foreign investors made net purchases of DKK 6 billion in Danish shares. Foreign investors were active in Ørsted and Novo Nordisk shares, with Ørsted purchases reaching DKK 38 billion in October. By October 2025, Danish investors held DKK 2,740 billion in foreign shares, 64% of their total listed shareholdings, up from 47% in 2015, driven by US shares.